Aquaculture Market Competitive Analysis with Growth Forecast Till 2023

The global aquaculture market size is projected to grow from USD 30.1 billion in 2018 to USD 42.6 billion by 2023, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. This market is driven by factors such as a decline in the amount of captured fish, rise in consumption of fish and other products (due to their nutritional value), and growth in trend of smart fish farming.

Key aquaculture players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US). Expansion was a dominant strategy adopted by the key players, followed by the launching of new products. This has helped them to increase their presence in different regions and expand their product portfolio.

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Pentair plc.is involved in the manufacturing of diversified industrial products. It operates through two reporting segments, namely, water and electrical. Under the water segment, the company manufactures and supplies products and solutions to meet filtration, separation, flow, and water management challenges in agriculture, aquaculture, foodservice, food & beverage processing, swimming pools, water supply and disposal, and a variety of industrial applications. The company is focusing on increasing its presence in the aquaponics sector. For instance, it opened a research & development center in Minnesota, US, which is being used for innovation, educational, and demonstration activities as of 2017. In addition to this, it continuously strives to invest in better technologies to enhance its existing products and to develop new ones.

AKVA Group designs, manufactures, and sells various technical products for multiple industries, including aquaculture. The company operates through two business segments, namely, cage-based technology (CBT) and software- and land-based technology (LBT). It is undertaking activities related to expansions and acquisitions, which is expected to increase its geographical presence. The company is inclined to make investments in innovative technologies with an aim to play a meaningful role in digitalization and predictive analytics in the field of aquafarming. For instance, in 2018, AKVA Group set up a feed conveyor concept of flexible feeding, which allowed farmers to send and feed silo to any cage, making it easier to use different feed types and sizes. This allowed easy expansion of the existing feed systems with more feed lines without expensive rebuilding of main feed silos.

The brackish water segment is projected to be the fastest-growing segment in the aquaculture market during the forecast period.

The aquaculture market is segmented, on the basis of culture, into freshwater, marine, and brackish water. The brackish water segment is projected to be the fastest-growing segment in the aquaculture market during the forecast period. This is attributed to its high adoption in underdeveloped countries such as those in Africa. Further, brackish water aquafarming involves culturing of fin and shell fishes that are found in the coastal environment; it has the capacity to supply required food fish on a regular basis, thereby contributing to food security through supplemented feeding and aquafarming methods.

By production, the small-scale segment is projected to grow at a higher rate during the forecast period.

Owing to the growing demand for aquaproducts for their protein-rich content, small-scale farming is adopted by developing regions such as Asia Pacific, South America, and Africa. Furthermore, the governments of these countries are taking various initiatives to support aquafarming in these regions, as it is one of the major sources of employment.

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The marine culture in the aquaculture market is projected to be the fastest growing segment during the forecast period.

The marine culture segment is projected to be the fastest-growing segment in the market during the forecast period, due to the increasing demand for seafood products and declining capture in fishery landings from the oceans. Ocean cage culturing of marine fish has encouraged the design of new and innovative cages for culturing them in near-shore and offshore environments. Furthermore, advancements in technology such as water recirculation systems, along with the global rise in food demand, is providing promising growth opportunities for the marine aquaculture system.

Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period.

Asia Pacific is projected to be the fastest-growing region in the aquaculture market during the forecast period due to the rapid development of aquaculture in most of the countries in the region in terms of improving the food supply. The demand for aquaculture products is rising, as the farmers in this region are investing in new technologies and innovations in order to meet the increasing food supply and nutrient food. The consumption of fish and shrimp is witnessing an upward trend in the region, which aids the aquafarming industry.